The British Pound declined by 42 pips or 0.27% against the Japanese Yen on Friday. The GBP/JPY pair tested a support cluster at 155.54 during the London open on Monday.
If the support cluster holds, bullish traders could drive the exchange rate higher during the following trading session. The potential target for buyers would be near the 156.40 area.
However, if the currency exchange rate breaks the support cluster, a decline towards the 155.00 mark could be expected today.
